Two of Connecticut's three winners share one common trait: They have profitable histories. Similarly, five of the 10 nationwide leaders among new publicly traded companies have also reported profits in recent quarters.

This link between profitability and stock market performance strikes a marked contrast with last year. In 1999, unprofitable companies nationwide outperformed companies with profits in the initial public offering, or IPO market, according to one study.

The top 10-performing IPOs of 1999, for example, each returned 1,400 percent or more to investors -- yet only two companies were profitable at the time.

``Investors this year have decided they will no longer buy technology stocks at any cost. They want something more than a story,'' said Richard Peterson, an IPO analyst with Thomson Financial in New Jersey.

Investors, indeed, are leaning more toward buying into profitable companies -- and not just promising companies, Peterson said.

With this revised investment outlook, small companies might find it harder to sell shares to the public. But a thinning of the herd -- though a setback for emerging companies -- could ultimately reduce some of the downside risks of IPO investing, analysts said.

The lowest-risk Connecticut IPO this year may have been Community Bancshares Inc. (ticker symbol: SBMC), parent of Savings Bank of Manchester.

Analysts expect the company to earn $1.31 a share in 2000, which means Connecticut Bancshares trades at 13.5 times forward earnings. Shares, as a result of past and projected future earnings, have risen 76.6 percent since the company's debut on the Nasdaq Stock Market in early March.

``Community banks, after two years of being out of favor, have suddenly found favor again on Wall Street,'' noted an analyst with the Invesco Financial Services Fund.

Genaissance Pharmaceuticals (ticker symbol: GNSC) ranks next among Connecticut's top IPOs in the year 2000, up 66.3 percent since its offering in early August.

Genaissance has developed technologies that analyze human genes. These machines could someday help doctors decide which medicines would work best on a specific patient.

At the moment, Genaissance has no profits and no partners among major pharmaceutical firms. But analysts expect Genaissance to form at least one major alliance in 2001. In the meantime, Genaissance has benefited from a wave of enthusiasm for biotechnology -- one of the few industries that has retained its popularity on Wall Street despite its lack of profitability.

Packard Bioscience, this year's third-ranked IPO in Connecticut, based on market performance, also capitalized on the market's interest in biotechnology and pharmaceutical companies.

Meriden-based Packard makes tools that can analyze 250,000 chemical compounds in one day -- and single out the few that merit further research as clinical drugs.

In the third quarter, Packard disappointed analysts after reporting a 3-cents-a-share loss. But analysts expect the company to earn 3 cents a share for the year.

The company has a 35-year operating history, and was profitable on a cash-flow basis in 1999. Shares of Packard have risen 16 percent since the company's April debut on the Nasdaq.

And i3 Mobile Inc. of Stamford (ticker symbol: IIIM) has entered the market as a provider of weather, sports, stock quotes and other news to wireless appliances: pagers, mobile phones and personal digital assistants.

The recent appointment of John Lack, a major force in the development of MTV, Nickelodeon and The Movie Channel, is expected to help i3 Mobile (down 74.2 percent) gain credibility -- but not instant profits, according to one analyst's report.

All told, Connecticut's six new publicly traded companies have raised $1 billion in capital this year. Last year's crop of nine newcomers raised just $577.7 million, according to IPO-Monitor.com

But, as a sign of bygone times, eight of nine public offerings from Connecticut last year -- Evercel, DSL.net, Internet.com, @Plan Inc, Modem Media Poppe Tyson, EDGAR Online and Priceline.com -- doubled, tripled or even rose tenfold from their offering prices before sliding back.

Priceline.com, for example, soared to $162.50 a share from a $16-a-share offering price. It now trades at $1.81 a share.

Modem Media hit $57 a share, up from its opening at $16. Now it's at $4.31.

DSL.net skyrocketed to $32.56, from a $7.50-a-share offering price. Now it's at $1.06.

Among the nine Connecticut IPOs from last year, only one is still above water: American Financial Holdings Inc. (AMFH), a small New Britain-based bank holding company that has doubled from its opening -- and happens to be profitable.